Not sure exactly what you are asking here, but I would recommend you consult a lawyer, you want to make sure you have everything set up properly for what you want, also make sure you have a contract between you and you husband that states exactly what responsibilities each of you will have in regards to the property (choosing tenants, managing repairs, checking in with the property manager, etc) and how you will make decisions about when/if to sell the property.

You need to find a good consultant in your area to inspect it and give you proper advice.

I know this thread is a few weeks old, but how about consulting with an architect that has experience with similar projects?

I’d want to make sure my professional had insurance and consult my agent on the design activity, see if I need to be listed as an insured on the pro’s policy as I am with all my subs, etc.

Sorin,Most of the true professionals here who have created LLCs have done so after consultation with both CPAs and attorneys specializing in estate planning, asset protection, and so forth.

Every successful person has a mastermind group that they consult with.

This might be a very good opportunity, but you need to consult your attorney before you move forward.

I would consult competent legal and tax advice.  

Personally I don't like the fact that all jobs will be handled by the GC you're hiring (I like to be my own GC and hire my own subs).2) Hire a professional consultant who will walk the site before each paycheck is cut to the contractor (again, for work that has already been done) and have him/her confirm that the work was done correctly.

I will definitely check IL laws and consult property manager.